UK-based accounting platform Translucent has raised a £5 million Seed funding round. The round was co-led by Chalfen Ventures and LocalGlobe. The fintech’s latest funding round comes hot on the heels of its £2.7 million pre-seed round which was completed less than six months ago. To date, the firm has raised a total investment of £7.7 million.
Translucent simplifies accounting for multinational and multi-entity businesses allowing them to unify financial data and workflows by layering on top of existing accounting software, such as Xero, Quickbooks and Sage. The company says it is experiencing decent demand hence the swift follow-up with a Seed round.
Backed by fellow industry-type founders like Gary Turner and Craig Walker (both from Xero) and angel investors from GoCardless, Hubdoc and KashFlow amongst others the accounting platform is stitching together the fragmented SMB accounting woes.
“The demand from multinationals for Translucent is as significant as it is unsurprising. Michael and his team have built a platform that is solving a very real problem for an ever-growing number of businesses around the world, and we’re delighted to be backing him again," says Remus Brett at LocalGlobe VC.
"Since announcing Translucent in March we have been delighted by the volume of interest we have received. This fundraising allows us to further build out our platform and solve the accounting and finance problems faced by multi-entity businesses," says Translucent founder and CEO Michael Wood.